Petrolympic Ltd. (TSX VENTURE:PCQ) ("Petrolympic") announced that it has closed
a private placement (the "Offering") on Friday December 28, 2012. The Offering
is a combination of 3,285,715 flow-through units ("FT Units") at a price of
$0.07 per FT Unit and 333,333 common share units ("Common Unit") at a price of
$0.06 per Common Unit for a total gross proceeds of $250,000. 


Each FT Unit, consists of one (1) flow-through share in the capital of
Petrolympic (each a "Flow-Through Share") and one half (1/2) of one common share
purchase warrant of Petrolympic (each a "Warrant") and each Common Unit,
consists of one (1) common share in the capital of Petrolympic (each a "Common
Share") and one (1) Warrant. Each full Warrant entitles the holder to acquire
one Common Share at a price of $0.10 per Common Share for a period of 18 months
from the closing date. The Warrants are subject to an acceleration clause,
meaning that should the Common Shares trade at a price of $0.20 or higher for a
minimum of 20 consecutive trading days Petrolympic may elect to accelerate the
exercise period of the Warrants whereupon on the 30th day after Petrolympic
announces such intention to accelerate, any Warrant that has not been exercised
will expire. 


No commissions or finder's fees have been paid and no broker warrants were
issued pursuant to the Offering. 


The net proceeds of the Offering will be used to fund exploration at
Petrolympic's conventional oil properties located in Gaspe Peninsula.  


The private placement closed on December 28, 2012. The Common Shares to be
issued under the Offering will carry a four-month hold period under Canadian
securities laws from the date of issuance. Completion of the Offering remains
subject to receipt of all necessary regulatory approvals, including approval of
the TSX Venture Exchange. 


About Petrolympic Ltd. 

Petrolympic Ltd. is a Canadian junior oil and gas company actively exploring for
premium light crude oil and natural gas in North America. The Company is
presently focused on its near-term oil production asset in the prolific Maverick
Basin of Texas, USA. The company also holds an interest in a total 754,216
hectares (1,863,668 acres) of oil and gas exploration permits in the Appalachian
Basin of Quebec that include holdings in the St. Lawrence Lowlands and Gaspe
Peninsula. The Company's holdings in the St. Lawrence Lowlands are a 30%
interest in 217,370 hectares (536,941 acres) through a joint venture with
Resources & Energie Squatex Inc.; a 12% interest in 8,000 hectares (19,768
acres) through a Farmout Agreement with Canbriam Energy Inc., as well as a 100%
interest in 56,622 hectares (139,913 acres) located over the Lowlands shallow
carbonates platform on the south shore of the St. Lawrence River, less than 30
kilometers southwest of Montreal. These properties represent a major position in
the Utica Lorraine and Trenton-Black River Plays. Petrolympic also maintains
holdings in the Gaspe and Bas-St. Lawrence regions, including a 30% interest in
431,339 hectares (1,065,839 acres) through a joint venture with Squatex and a
100% interest in a block of exploration permits totaling 40,885 hectares
(101,029 acres) located between Rimouski and Matane prospective for hydrothermal
dolomite hosted light oil. 


Forward-Looking Statements 

This press release includes certain "forward-looking information" within the
meaning of the Securities Act (Ontario), including, but not limited to,
statements as to timing and extent of exploration programs and the availability
of exploration results. As such, forward-looking information addresses future
events and conditions and so involves inherent risks and uncertainties, as
disclosed under the heading "Risk Factors" and elsewhere in Petrolympic
documents filed from time to time with the Ontario Securities Commission and
other regulatory authorities. Actual results could differ significantly from
those currently projected as a result of, among those factors, adverse weather,
regulatory changes, delays in receiving permits, accidents and delays in
completing exploration activities not all of which are in the control of
Petrolympic. The forward-looking information contained herein is Petrolympic's
reasonable estimate today of future events and conditions, but no assurance can
be given that such events or conditions will occur. The reader is cautioned not
to rely on these forward-looking statements. Petrolympic disclaims any
obligation to update these forward-looking statements. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Petrolympic Ltd.
Mendel Ekstein
President and CEO
(845) 656-0184
exis@petrolympic.com

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